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Property purchase

This query is : Resolved 

Dear Expert
In a 3rd grade Municipal area of Tamilnadu, I am intending to buy a single storey house for a consideration of about 6 lac rupee. In the current situation, how much I can receive advance in cash from the vendor. The deed of sale agreement is to buy within 3 months from November 16. Any ceiling on receiving cash as advance or remaining money. What procedure I have to follow.

No limit on receiving advance.

Dear Expert
What is the current income-tax guideline for property purchase cash transaction.

So long as buyer and seller are comfortable, the cash transaction can be entered into.It is very much valid.
In order to reduce the risk of carrying cash, people normally do the transactions in demand draft / cheque/ rtgs etc.

Cash Payment > 20000 for immovable property can not be made w.e.f 01.06.2015

Best Regards,
Suresha R, B.Com, CCA
Suresh & Assoicates
(Auditors & Tax Consultants)
No.15/36, 1st Floor, Palm Grove Cross Road,
3rd Cross, Victoria Layout,
Bangalore - 560 047
Mob : +91 88843 55543
Mob : +91 81230 07771
Phone :+91 080 4112 0431

Thanks Expert

you are most welcome.

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